2021-12-31-accounts - Lightsource Connections Limited

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LIGHTSOURCE CONNECTIONS LIMITED

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 DECEMBER 2021

Registered Company No: 09235272 Registered Charity No: 1168515

LIGHTSOURCE CONNECTIONS LIMITED

Contents Year ended 31 December 2021

	Page No:
Annual Report of the Trustees	1 - 6
Independent Examiner’s Report	7 - 8
Statement of Financial Activities (incorporating the Income and Expenditure Account)	9
Balance Sheet	10
Notes to the Financial Statements	11 - 14

LIGHTSOURCE CONNECTIONS LIMITED

ANNUAL REPORT OF THE TRUSTEES Year ended 31 December 2021

The Trustees have pleasure in presenting their report and unaudited financial statements for the year ended 31 December 2021.

The financial statements comply with current statutory requirements, the Memorandum and Articles of Association and the Statement of Recommended Practice - Accounting and Reporting by Charities (SORP 2014 (FRS102)) issued by the Charity Commission. LightSource Connections Limited is a registered charity.

REFERENCE AND ADMINISTRATIVE INFORMATION

Charity name LightSource Connections Limited Charity registration number 1168515 (England & Wales) Company registration number 09235272 (England & Wales) Registered address Suite-B, 42-44, Bishopsgate, London, United Kingdom, EC2N 4AH

The directors of the charitable company ("the charity") are trustees for the purposes of charity law. Throughout this report directors are collectively referred to as trustees. Those serving during the year and until the date this report was approved are:

Wesley Linden Arthur Spurling Albena Spurling

Founding Member AquaSource Algae Group Limited Members The members of the charity are Wesley Linden, Arthur Spurling, Albena Spurling and Oliver Spurling Accountants Saffery Champness LLP, Trinity, 16 John Dalton Street, Manchester, M2 6HY

STRUCTURE, GOVERNANCE AND MANAGEMENT

Constitution

LightSource Connections Limited is a charity governed by its Memorandum and Articles of Association incorporated on 25th September 2014, and is constituted as a company limited by guarantee and not having a share capital.

Appointment of trustees

The first two trustees were appointed by a majority of the subscribers to the Memorandum and Articles of Association. Any person who is willing to act as a trustee, and is permitted by law to do so,

LIGHTSOURCE CONNECTIONS LIMITED

ANNUAL REPORT OF THE TRUSTEES Year ended 31 December 2021

may be appointed to be a trustee by ordinary resolution, or by a decision of the existing trustees. The term of office is indefinite, unless that person ceases to be a trustee by virtue of any provision of the Companies Act 2006, becomes prohibited from being a trustee by law or resigns. The minimum number of trustees is one and there is no maximum.

Members’ reserve power

The members may, by special resolution, direct the trustees to take, or refrain from taking, specified action. No such special resolution invalidates anything which the trustees have done before the passing of the resolution.

Induction and training of trustees

Potential new trustees are invited to attend a trustees' meeting as observer prior to consenting to be put forward for appointment as a trustee. New trustees will be fully briefed and trained on the objective of the charity and its procedures.

The charity's trustees take final responsibility for the general and financial well-being of the charity. The trustees meet at least twice a year and communicate on a regular basis.

Risk assessment

The trustees have assessed the major risks to which the charity is exposed, in particular those related to the operations and finances of the charity, and are satisfied that systems are in place to mitigate those risks.

OBJECTIVES & ACTIVITIES

Objects

The objects of the charity are for the public benefit to:

advance education by providing comfortable and relaxing learning environments in schools designated to enhance and promote the realisation of the creative potential and awareness of children under the age of 18.

The trustees recognise their duties under the Charities Act 2011 and have referred to the Charity Commission's guidance on public benefit when reviewing the charity's activities and compiling this report.

Activities

The main activity of the charity during the year was the creation of artwork in schools: to facilitate comfortable and relaxing working environments for pupils to enable them to achieve their potential.

LIGHTSOURCE CONNECTIONS LIMITED

ANNUAL REPORT OF THE TRUSTEES Year ended 31 December 2021

Achievements and performance

The following projects were undertaken and successfully completed during 2021. This includes the interior design for the walls, curtains, door frames, and doors to be in the correct colours to match the photo wallpaper which have friendly designs, positive affirmations and educational information depending on the age groups in the classrooms. The project includes the participation of the teachers, parents, and children in working together to create a comfortable and relaxing learning environment.

The foyers are often fitted out with recycled materials such as pallets that the children prepare and eventually end up as sitting areas that they use during their breaks. The teachers have found that when the children are involved in helping to create their environment that they respect it as it becomes their second home.

The following schools have been completed in 2021:

Radost Kindergarten, Ruse, Bulgaria. There are three hundred and eighty-three students between the ages of three and seven years old with thirty-two teachers. The kindergarten is divided into four separate buildings;
Radost branch / Kalinite building has three floors, three after-school classrooms, three sleep rooms, three corridors and three wardrobes;
Radost 1 branch / Rainbow Building has two floors, six after-school classrooms, three corridors and three wardrobes;
Radost 2 branch has one floor, two after-school rooms, a sleep room, a corridor and a wardrobe; and
Radost 2F branch / Radost building has two floors, five after-school classrooms, a sleep room, three corridors, five wardrobes and a resource office.
Konstantin Konstantinov High School, Sliven City, Bulgaria. There are eight hundred and sixty students between the ages of seven to nineteen and seventy-three teachers. The school has four floors, forty-five classrooms, ten corridors, two foyers, a canteen, two sports halls and a dance hall.
Exarh Antim I Primary School, Plovdiv, Bulgaria. There are five hundred and nine students between the ages of six to fourteen with forty-one teachers. The school has two floors, twenty-two classrooms, four corridors, two foyers and a canteen.
Dimcho Debelyanov Secondary School, Belene, Bulgaria. There are three hundred and ninetysix students between the ages of six to nineteen with forty-six teachers. The school has a new building with four floors and an old building with two floors, a gym, thirty-three classrooms, eight large and three small corridors, nine lobbies, a canteen, two sports halls, a museum room, a Bulgarian Red Cross office and a doctor’s office.
Panayot Volov Primary School, Varna, Bulgaria. There are three hundred and eighty-four students between the ages of seven to fourteen with thirty-four teachers. The building has three floors with seventeen classrooms, six corridors, two lobbies and a sports hall.

LIGHTSOURCE CONNECTIONS LIMITED

ANNUAL REPORT OF THE TRUSTEES Year ended 31 December 2021

Simeon Veliki Vocational Technical High School, Veliki Preslav, Bulgaria. There are two hundred and seventy-three students between the ages of fourteen to nineteen with twentyfive teachers. The school has three floors with twenty-six classrooms, six corridors, six lobbies and one sports hall.
Dimcho Debelyanov Secondary School, Varna, Bulgaria. There are two hundred and sixtythree students between the ages of six to fourteen with thirty-four teachers. The school has three floors with twenty-three classrooms, three computer labs, four corridors, five foyers, a canteen and a sports hall.
Ivan Vazov Secondary School, Ruse, Bulgaria. There are five hundred and eighty students between the ages of seven and fourteen with forty-seven teachers. The school has four floors with twenty-six classrooms, seven corridors, three foyers, a canteen and a sports hall.
Hristo Botev Primary School, village of Voyvodovo, Bulgaria. There are eighty students between the ages of seven and fourteen with twelve teachers. The schools has two floors with ten classrooms, two corridors, a lobby, a canteen, a library and a resource office.
Basil Levsky Secondary School, village of Rogosh, Bulgaria. There are two hundred and seventy-five students between the ages of seven to fourteen with twenty-six teachers. There are two floors with twenty-two classrooms, eight corridors, a lobby, a canteen, a library and a resource office.
Graf N. Ignatiev Primary School, village of Graf Ignatievo, Bulgaria. There are one hundred and sixty-five students between the ages of seven and fourteen with eighteen teachers. There are four floors in the first building, one floor in the second building and one floor in the third building with fourteen classrooms, two corridors, four lobbies and one canteen in total.

Donations

We are grateful to have received a donation in excess of £13,000 this year from an international donor and over £700 from another international donor.

FINANCIAL REVIEW

Financial review

The charity’s performance in the year resulted in a surplus of £101,477 (2020: £28,381). Income has significantly increased due to membership fees being received from AquaSource Algae Group Limited increasing by approximately £54,000 and expenditure on charitable activities having decreased by approximately £10,000.

Reserves policy

The trustees have reviewed the charity's needs for reserves in line with guidance issued by the Charity Commission. The trustees do not consider that holding a minimum level of reserves is necessary due to the nature of the charity and the fact that the charity’s day to day operating costs are minimal.

LIGHTSOURCE CONNECTIONS LIMITED

ANNUAL REPORT OF THE TRUSTEES Year ended 31 December 2021

Should the nature of the charity change, the trustees will review the position at that point. The current level of reserves is £199,010 (2020: £97,533), of which £nil (2020: £766) is held in fixed assets.

Funding may be received from other charitable organisations, public funding bodies, donors and sponsors. In the period under review, most funding came from Members’ subscriptions.

Plans for future periods

The charity intends to continue to advance education by providing comfortable and relaxing learning environments in schools designated to enhance and promote the realisation of the creative potential and awareness of children under the age of 18, being the key objective of the charity.

STATEMENT OF THE RESPONSIBILITIES OF THE TRUSTEES

The Trustees (who are also directors of LightSource Connections Limited for the purposes of company law) are responsible for preparing the Trustees’ report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the Trustees are required to:

select suitable accounting policies and then apply them consistently;
observe the methods and principles in the Charities SORP (FRS 102);
make judgements and estimates that are reasonable and prudent;
state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.

The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

LIGHTSOURCE CONNECtIONS LIMITED ANNUAL REPORT OF THE TRUSTEES Year ended 31 December 2021 This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies, exemption. 8th June 2022 This report was approved by the Trustees on .............. Arthur Spurling Dlrector

LIGHTSOURCE CONNECTIONS LIMITED

INDEPENDENT EXAMINER’S REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF LIGHTSOURCE CONNECTIONS LIMITED

Year ended 31 December 2021

I report to the charity trustees on my examination of the accounts of LightSource Connections Limited for the year ended 31 December 2021.

Respective responsibilities of trustees and examiner

As the charity’s trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’). You are satisfied that the accounts of the Company are not required by charity or company law to be audited and have chosen instead to have an independent examination.

Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.

Basis of independent examiner’s report

My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a ‘true and fair view’ and the report is limited to those matters set out in the statement below.

Independent examiner’s statement

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or
the accounts do not accord with those records; or
the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair view which is not a matter considered as part of an independent examination; or
the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities.

LIGHTSOURCE CONNECTIONS LIMITED

INDEPENDENT EXAMINER’S REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF LIGHTSOURCE CONNECTIONS LIMITED

Year ended 31 December 2021

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Martyn Dobinson FCA

……………………………………………..

9 June 2022

Date: …………………………………

Trinity 16 John Dalton Street Manchester M2 6HY

LIGHTSOURCE CONNECTIONS LIMITED

STATEMENT OF FINANCIAL ACTIVITIES (incorporating the Income and Expenditure account) Year ended 31 December 2021

Notes Income from: Donations Interest Total 3 Expenditure on: Charitable activities Support costs Total 4 Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward 9	Unrestricted 2021 Unrestricted 2020 £ £ 160,763 98,119 39 25
	160,802 98,144
	52,332 60,061 6,993 9,702
	59,325 69,763

	101,477 28,381
	97,533 69,152
	199,010 97,533

All incoming resources and resources expended are derived from continuing activities.

All recognised gains and losses are included in the Statement of Financial Activities.

The notes on pages 11 to 14 form part of these accounts.

LIGHTSOURCE CONNECTIONS LIMITED BALANCE SHEET A5 at 31 December 2021 Notes 2021 2020 Flxed assets Tangible assets 766 766 Current assets Debtors Cash at bank and in hand 35 201.408 35 99,254 Total current assets 201,443 99,289 Creditors.. Amounts falling due within one year 12.4331 12,5221 Net current assets 199,010 96,767 Total a55ets less current liabilities 199.010 97.533 Represented by: Unrestricted funds 199,010 97,533 199,010 97.533 For the financial year ended 31 DeCemr 2021. the company was entitled to exemption from audit under section 477 of the Companies Act 2006. The director5 acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting record5 and the preparation of financial statements. The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476. These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies. regime. The financial statements were approved by the Trustees on .fj.. June 2022 half and signed on their Arthur Spurling Director The note5 on pages 11 to 14 form part of these accounts. Registered Company No: 09235272 Registered Charity No.. 1168515 10

LIGHTSOURCE CONNECTIONS LIMITED

NOTES ON THE ACCOUNTS Year ended 31 December 2021

1 ACCOUNTING POLICIES

BASIS OF ACCOUNTING

The financial statements have been prepared in accordance with the Accounting and Reporting by Charities (Charities SORP (FRS102)), Statement of Recommended Practice applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2015), the Financial Reporting Standard in the UK and Republic of Ireland (FRS102) and the Charities Act 2011.

The accounting policies have been applied consistently (except as otherwise stated).

LightSource Connections Limited meets the definition of a public benefit entity under FRS102.

Accounting Convention

The financial statements are prepared under the historical cost convention.

Going Concern

The financial statements have been prepared on a going concern basis. The charity has adequate reserves and a satisfactory level of contracted future income.

Income

Donations and other income are accounted for in the period to which they relate.

Expenditure

All expenditure is charged in the year to which it relates.

Assets

The charity does not own any fixed assets other than expendable items of office equipment and computer equipment.

Debtors

Debtors are recognised at the settlement amount due after any trade discounts offered. Prepayments are valued at the amount prepaid net of any trade discounts due. Accrued income is recognised for donations relating to the year that are yet to be received.

Creditors

Creditors are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are normally recognised at their settlement amounts. Deferred income is recognised when services have been billed for in advance of the services being delivered.

LIGHTSOURCE CONNECTIONS LIMITED

NOTES ON THE ACCOUNTS Year ended 31 December 2021

Financial Instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

2 Taxation

As a charity the organisation is exempt from United Kingdom Income and Corporation Tax on its charitable activities.

3 Incoming resources from charitable activities

Members donations Miscellaneous income Bank interest	2021 2020 £ £ 146,412 92,824 14,351 5,295 39 25
	160,802 98,144

4 Resources expended on charitable activities and support costs

Mural expenditure Legal and professional Independent examination Accountancy fees Other costs	2021 2020 £ £ 52,332 60,061 1,428 215 1,375 1,330 362 611 3,828 7,546
	59,325 69,763

The charity does not directly employ any staff.

5 Trustees’ expenses

No remuneration or expenses were paid to Trustees during the year (2020: £nil).

LIGHTSOURCE CONNECTIONS LIMITED

NOTES ON THE ACCOUNTS Year ended 31 December 2021

6 Tangible fixed assets

Cost At 1 January 2021 Additions At 31 December 2021 Depreciation At 1 January 2021 Charge for the year At 31 December 2021 Net book value At 31 December 2021 At 31 December 2020 undry debtors and prepayments Prepayments undry creditors and accruals Accountancy creditor Sundry creditors	Plant and machinery etc. £ 5,308 - 5,308 4,542 766 5,308 - 766 2021 2020 £ £ 35 35 35 35 2021 2020 £ £ 1,535 1,490 898 1,032 2,433 2,522	Plant and machinery etc. £ 5,308 - 5,308 4,542 766 5,308 - 766 2021 2020 £ £ 35 35 35 35 2021 2020 £ £ 1,535 1,490 898 1,032 2,433 2,522
		5,308
		4,542 766
		5,308
		-
		766
		2020 £ 35 35 2020 £ 1,490 1,032 2,522
	35
	2021 £ 1,535 898
	2,433

7 Sundry debtors and prepayments

8 Sundry creditors and accruals

LIGHTSOURCE CONNECTIONS LIMITED

NOTES ON THE ACCOUNTS

Year ended 31 December 2021

9 Unrestricted funds

Balance brought forward Surplus for the year Balance at 31 December 2021	2021 2020 £ £ 97,533 69,152 101,477 28,381
	199,010 97,533

10 Related party transactions

The trustees do not consider that there are any related party transactions that would need to be disclosed.